After months of debate, it seems the Indian government may be closer to a decision on regulation around cryptocurrency safety. The panel appointed to suggest a new legal framework for the technology has submitted its report, and we're likely to see the outcome ?of that soon.
Unfortunately, the actual contents of the report have been kept under wraps, so we can only speculate. The panel is headed by Economic Affairs Secretary Subhash Chandra Garg.
In a report citing unnamed sources, CNBC TV18 said the panel has advised the government to draft a new set of specific laws under RBI guidelines, rather than relying on outdated regulations. Specifically, the source told the publication that the panel has reiterated the need for an outright ban, treating all cryptocurrency dealings as illegal.
That sounds like a very doom and gloom prediction for Bitcoin and other cryptocurrencies. Of course, that's still just the word of one unnamed source. Even if it does turn out to be true, it's possible the government could ignore the recommendations and go in a different direction.
We'll only know more when the government decides to legitimately take action, but right now things are looking a bit bleak for crypto fans.